October was a great month weather-wise, with mild temperatures and lots of sunshine! In Grey County, where we often see snow this time of year, it was a treat to spend Hallowe’en in light sweaters instead of snowsuits! While we continued to see more listings than sales this month, the number of sales warmed just a little bit in October, easing the gap between them to 2.5 to 1.

Let’s take a look at the Grey County Residential Real Estate Market Update for October 2022.

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Grey County Market Update

The number of homes sold across Grey County dropped slightly, from 108 in September to 102 this month. Compared with October 2021, sales are down by 41% from last year’s 174.

The average sale price of a home in Grey County fell to just over $653,000 this month, a difference of 17% from September’s $790,000. At this time last year, the average sale price was nearly $200,000 higher at $855,000.

October in Grey County added 249 new residential listings to the market, 18% fewer than the 302 in September, but a 27% increase over October 2021.

Homes in Grey County are taking longer to sell as well, with the average number of days on the market stretching to 54 in October, 11 days longer than last month, and 22 days longer than in October 2021.

Our Local Communities Market Stats

Grey Highlands

In the Municipality of Grey Highlands, 23 new residential properties were listed in October, one fewer than in September, and nearly double the number listed in the same month last year. The number of home sales continued to slip, from 13 in September to 9 in October, 31% lower. Year over year, October’s number of sales fell by 47% in 2022. In the Municipality of Grey Highlands, the listing-to-sales ratio tipped a little more in favour of listings in October, to 70-30. 9 months of inventory were available in the Municipality of Grey Highlands in October, up from 6 in September. Last year at this time there was just 1 month of inventory available. The average home sale price in the Municipality of Grey Highlands grew by 32% in October, to just over $900,000, regaining some of September’s loss but not quite back to August’s level. Grey Highlands was the only one of the areas we follow to see a price increase this month.

West Grey

In October, West Grey saw a 50% increase in the number of new residential listings with 30 added to the market, up from 20 in September. Compared with 8 in 2021, October’s listings were up 275% this year. The number of homes sold in West Grey was lower this month, with 10 sales in October and 14 in September. Last year, there were 15 home sales in October. West Grey’s listing-to-sales ratio shifted sharply to the listings side in October, to 75-25. It was a more balanced 60-40 in September. Months of inventory listed increased from 6 in September to 9 in October, a big difference from October 2021, when there were 2. The average sale price of a West Grey home slipped by 10% in October, to $710,000 from $790,000 last month.

Chatsworth

In October, 8 new residential listings were added to the market in the Municipality of Chatsworth, compared with 11 in September and 7 in October 2021. There were 8 homes were sold in October, down slightly from 10 last month. In October 2021, 12 residential properties sold. The listing-to-sales ratio in the Municipality of Chatsworth remains a balanced 50-50 in October, the same as it has been since August. The Municipality of Chatsworth had 5 months of inventory listed this month, up one from September. In October last year, the municipality had 2 months of inventory available. After a spike in last month, October’s average sale price for a home in the Municipality of Chatsworth was closer to August’s level in October. It declined by 26% month over month, to $550,000.

Meaford

12 homes were listed for sale in the Municipality of Meaford in October, roughly half the number listed last month and one fewer than in October 2021. The Municipality of Meaford had 31% fewer home sales in October, 11, compared with 16 in September. Compared with the same month in 2021, though, the number of sales was down by 42% this year. The listing-to-sales ratio in the Municipality of Meaford moved to a balanced 50-50 in October, from 60-40 in favour of listings last month. Months of inventory available in the Municipality of Meaford increased to 5 in October from 4 in September. In October 2021, there were 2 months of inventory on hand. The average sale price of a home in the Municipality of Meaford declined by 23% compared to September, falling to just below $640,000 this month.

Town of the Blue Mountains

20% fewer homes were listed in The Municipality of the Town of the Blue Mountains in October, 57 compared to 71 in September 2021. This is nearly double the number listed in October of 2021, when there were 30. There were 21 home sales in the municipality in October, up 31% compared with September, but 43% lower than at the same time last year. The listings to sales ratio was 75-25 in The Municipality of the Town of the Blue Mountains this month, slipping a little more strongly in favour of sales than September’s market. Months of inventory in the Town of the Blue Mountains relaxed a little this month, to 8 compared with 10 in September. October 2021 had just 2 months of inventory available for sale in the municipality. The municipality’s average home sale price dropped from 1.4 million dollars in September to just over $900,000 this month, a 35% change.